{"id":17878,"date":"2023-03-20T17:44:58","date_gmt":"2023-03-20T15:44:58","guid":{"rendered":"https:\/\/www.invaldainvl.com\/?p=17878"},"modified":"2023-03-20T17:45:01","modified_gmt":"2023-03-20T15:45:01","slug":"invl-baltic-real-estate-had-a-net-profit-of-eur-4-2-million-last-year","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/group-company-press-releases\/invl-baltic-real-estate-had-a-net-profit-of-eur-4-2-million-last-year\/","title":{"rendered":"INVL Baltic Real Estate had a net profit of EUR 4.2 million last year"},"content":{"rendered":"\n<section  class=\"invl-block invl-block-1-columns invl-columns\">\n\t\t\t\t\t<div class=\"column column-1-of-1 c-white padding-top-00 padding-left-40 padding-right-30\" >\n\t\t\t\t\t\t<p>The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 4.2 million in 2022, which is 24% more than in 2021. The results for last year were positively impacted by a revaluation of real estate holdings which increased their value by EUR 4 million.<\/p>\n<p>The company\u2019s consolidated equity at the end of 2022 was EUR 23.5 million. Equity per share was EUR 2.92 and grew 21% from a year earlier, also taking into account dividends that were paid.<\/p>\n<p>\u201cINVL Baltic Real Estate\u2019s properties sustained a high rate of occupancy and increased their operating income. Our clients remain loyal and have trust in the company as a reliable long-term partner. We will continue striving to meet our clients\u2019 expectations and increase value for investors,\u201d says Vytautas Bak\u0161inskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.<\/p>\n<p>The company\u2019s consolidated revenue grew 25% during 2022 to EUR 3.4 million, of which rent income from property holdings increased 13% to EUR 1.9 million. INVL Baltic Real Estate\u2019s consolidated net operating income from its properties was EUR 2.03 million, or 26% more than in 2021.<\/p>\n<p>The net operating income for the largest property that INVL Baltic Real Estate owns \u2013 the office building at Palangos Street 4 in the Vilnius Old Town with the Talent Garden Vilnius coworking space which the company operates \u2013 increased 17% on the year in 2022 to EUR 1.3 million.<\/p>\n<p>\u201cIn 2022 we focused heavily on the development of the real estate we own. At the start of last year, we publicly presented design proposals for the project to reconstruct the buildings at the intersection of Palangos and Vilniaus Streets in the Lithuanian capital. The Vilnius City municipality later approved those proposals and issued the design requirements for renovating the complex. We are currently working with the Viltekta design firm to prepare the technical design for reconstruction of the buildings. Our plan is for the complex\u2019s above-ground floorspace to increase by some 3,600 sq. m. following the reconstruction,\u201d Vytautas Bak\u0161inskas says.<\/p>\n<p>The real estate fund manager notes that the target was also met last year to complete studies of the building at Vilniaus Street 37 in Vilnius and update the details of that property\u2019s valuable attributes. As result, preparation of the project for maintenance works on the building was able to begin and in February of this year permission was obtained to start the maintenance works. The plan is to initiate those works already in April. After completing the design, renovation and maintenance works, the company will offer the market approximately 2,200 sq. m. of leasable space in high-end offices on the building\u2019s second and third floors and dining facilities on the first floor.<\/p>\n<p>The value of INVL Baltic Real Estate\u2019s investment property holdings at the end of December 2022 was EUR 36.4 million, which is 23% more than a year earlier.<\/p>\n<p><strong>About INVL Baltic Real Estate<\/strong><strong>\u00a0<\/strong><\/p>\n<p><em>INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in \u0160iaur\u0117s Miestelis, and the 55-ha Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company\u2019s properties had occupancies of 98% to 100% at the end of December 2022.<\/em><em>\u00a0<\/em><\/p>\n<p><em>INVL Baltic Real Estate currently owns properties with a total area of 28,000 sq. m. and a value of EUR 36.4 million.<\/em><em>\u00a0<\/em><\/p>\n<p><em>Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-end investment company. The company is managed by INVL, the leading investment management and life insurance group in the Baltic region. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.<\/em><\/p>\n\t\t<\/div>\n\t<\/section>\n","protected":false},"excerpt":{"rendered":"<p>The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 4.2 million in 2022, which is 24% more than in 2021. The results for last year were positively impacted by a revaluation of real estate holdings which increased their value by EUR 4 million.<\/p>\n","protected":false},"author":19,"featured_media":17874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-17878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-group-company-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>INVL Baltic Real Estate had a net profit of EUR 4.2 million last year - Invalda INVL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.invaldainvl.com\/en\/group-company-press-releases\/invl-baltic-real-estate-had-a-net-profit-of-eur-4-2-million-last-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INVL Baltic Real Estate had a net profit of EUR 4.2 million last year - Invalda INVL\" \/>\n<meta property=\"og:description\" content=\"The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 4.2 million in 2022, which is 24% more than in 2021. 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